Ghana: Market for Natural Rubber And Gums 2024

Market Size for Natural Rubber And Gums in Ghana

For the seventh year in a row, the Ghanian natural rubber and gum market recorded growth in sales value, which increased by X% to $X in 2022. Overall, consumption enjoyed a resilient expansion. Natural rubber and gum consumption peaked in 2022 and is likely to see steady growth in the near future.

Production of Natural Rubber And Gums in Ghana

In value terms, natural rubber and gum production reached $X in 2022 estimated in export price. Over the period under review, production saw a perceptible increase. The pace of growth was the most pronounced in 2020 with an increase of X%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

The average yield of natural rubber and gums in Ghana reached X kg per ha in 2022, remaining constant against the year before. The yield figure increased at an average annual rate of X% over the period from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when the yield increased by X% against the previous year. Over the period under review, the average natural rubber and gum yield reached the maximum level in 2022 and is expected to retain growth in the near future. Despite the increased use of modern agricultural techniques and methods, future yield figures may still be impacted by adverse weather conditions.

In 2022, the total area harvested in terms of natural rubber and gums production in Ghana surged to X ha, picking up by X% compared with the previous year. Over the period under review, the harvested area continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 when the harvested area increased by X% against the previous year. Over the period under review, the harvested area dedicated to natural rubber and gum production attained the maximum in 2022 and is expected to retain growth in the immediate term.

Exports of Natural Rubber And Gums

Exports from Ghana

In 2022, after four years of decline, there was significant growth in shipments abroad of natural rubber and gums, when their volume increased by X% to X tons. In general, exports, however, showed a noticeable reduction. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, natural rubber and gum exports soared to $X in 2022. Overall, exports, however, faced a abrupt slump. The most prominent rate of growth was recorded in 2015 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for natural rubber and gum exports from Ghana, accounting for a X% share of total exports. Moreover, natural rubber and gum exports to China exceeded the volume sent to the second major destination, Malaysia (X tons), more than tenfold. The third position in this ranking was held by Italy (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume to China stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Italy (X% per year).

In value terms, China ($X) remains the key foreign market for natural rubber and gums exports from Ghana, comprising X% of total exports. The second position in the ranking was taken by Malaysia ($X), with an X% share of total exports. It was followed by Italy, with an X% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Malaysia (X% per year) and Italy (X% per year).

Export Prices by Country

In 2022, the average natural rubber and gum export price amounted to $X per ton, reducing by X% against the previous year. Overall, the export price showed a abrupt slump. The pace of growth appeared the most rapid in 2016 when the average export price increased by X%. The export price peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was France ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced a decline.

Imports of Natural Rubber And Gums

Imports into Ghana

In 2022, the amount of natural rubber and gums imported into Ghana reduced notably to X tons, with a decrease of X% against the previous year's figure. In general, imports continue to indicate a deep downturn. The pace of growth appeared the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2022, imports failed to regain momentum.

In value terms, natural rubber and gum imports amounted to $X in 2022. Overall, imports recorded a abrupt slump. The growth pace was the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest natural rubber and gum supplier to Ghana, accounting for a X% share of total imports. Moreover, natural rubber and gum imports from China exceeded the figures recorded by the second-largest supplier, India (X tons), fivefold. The UK (X kg) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and the UK (X% per year).

In value terms, the largest natural rubber and gum suppliers to Ghana were China ($X), the UK ($X) and India ($X), with a combined X% share of total imports.

Among the main suppliers, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

In 2022, the average natural rubber and gum import price amounted to $X per ton, surging by X% against the previous year. In general, the import price, however, recorded a perceptible slump. The most prominent rate of growth was recorded in 2016 an increase of X%. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per ton), while the price for Thailand ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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